The amount reflects 27.915 shares of Restricted Stock acquired August 31, 2012 pursuant to a dividend reinvestment feature of the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan (the "Plan"). The Board of Directors of Cliffs Natural Resources Inc. declared dividends of $0.625 per share, payable to all holders of record as of August 15, 2012. The amount also reflects .015 shares credited on August 31, 2012 to the Reporting Person pursuant to the Dividend Reinvestment and Stock Purchase Plan.

(2)

Convertible into Common Shares on a 1-for-1 basis.

(3)

Reflects number of Common Shares of underlying deferred compensation credited to the account of the Reporting Person in payment of the Reporting Person's required quarterly retainer for the fourth quarter under the Plan. Each Stock unit is generally distributable following termination of service as a Director.

(4)

The total includes dividend reinvestment pursuant to the Plan. The number of deferred dividend reinvestment equivalent shares earned in the Plan is calculated using the closing market price at the end of each quarter for shares held in the Plan. The Reporting Person was credited with 44.0322 dividend reinvestment shares on September 28, 2012.

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